And Litecoin has taken a hit in value upon LitePay announcing it will be closing its payment business which was closely associated with the digital asset.
Twitter Makes Ban on Crypto Advertisements Official, LitePay Closes
As reported here last week, Twitter has made their cryptocurrency advertising ban official. Digital assets which struggled most of the weekend took another additional fall on Monday. Prices in the crypto market have continued to see a lack of buyers step in, and this has increased pressure on the downward spiral of moving averages across the board. And in developing news, Litecoin has fallen in value, as one of its key payment processor’s known as LitePay abruptly closed its business yesterday.
XRP Feels the Heat of Declining Values, Ripple’s Fall in Price Continues
Ripple’s XRP coin has not been able to break free from a negative trend which has shadowed it since early January. The cryptocurrency is near fifty-six U.S cents and crucial support remains near the forty-three cents level. Resistance appears to be around seventy-six cents for Ripple. After breaking through the one dollar barrier in late December and surging past two dollars on euphoric buying, Ripple has seen its XRP coin struggle and it is now approaching values not touched since the broad market cryptocurrency frenzy erupted. A fall to the forty-three cent support juncture would not be devastating for Ripple, but it would sound a loud alarm in the digital asset sector.
Sentiment Hurt by the Sudden Closing of Payment Service
While talking about a growing regulatory and supervision stance from governments may benefit cryptocurrencies in the long term, traders continue to be confronted by winds of discontent – caused by stories which continue to emerge unexpectedly. Yesterday’s closing of LitePay may not be a danger to the heart, but Litecoin is approximately the fifth largest valued cryptocurrency among the digital assets. And the closing of a payment service closely related to Litecoin will hurt overall sentiment near term.
Los Angeles Blockchain Event in Early April
From April the 4 through the 5th the CryptoBlockCon will be held in Los Angeles and will include discussions on Blockchain and Initial Coin Offerings.
- April 4-5th, U.S, CryptoBlockCon in Los Angeles
Yaron Mazor is a senior analyst at SuperTraderTV.
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